Use this process to manage transactions in connection with supplier payments. The process contain functions for handling Automatic Supplier Payments via file, manual supplier payments, check payments, supplier bill of exchange payments, supplier payments loaded via file. Netting between customer and supplier is possible, but only if netting has been agreed upon. The process also contain functions for supplier offsets, for example offset between debit and credit invoices. If for some reason cancellation of payment is needed it can be handled. There is a sub process where you find information on follow-up and Analysis such as queries and reports.
The Supplier Payments process is divided into nine sub processes.
The Automatic Supplier Payment on File process is used for supplier payments via file. You start by generating a payment proposal based on for example payment date interval, currency, supplier to be covered and payment method. You can select specific invoices and include credit invoices and use cash discount. Selection can be made using a number of terms. You can also generate an empty proposal and enter invoices manually. Only authorized invoices can be selected. The payment proposal must be acknowledged and a payment order created with output data on file or other media, depending on payment format. If for some reason a payment order must be deleted, this can be handled. Payments are created within the system when the payments have been implemented according to documentation from the payment institutes.
The Automatic Supplier Check Payment process is used for automatic supplier check payments. You start by generating a payment proposal based on for example payment date interval, currency, supplier to be covered and payment method. You can select specific invoices and include credit invoices and use cash discount. Selection can be made using a number of terms. You can also generate an empty proposal and enter invoices manually. Only authorized invoices can be selected. After the payment proposal has been acknowledged and a payment order created checks can be printed. Depending on how base data is set up checks are considered as cashed at printout or cashed when confirmation about payment implementation has been received from the payment institutes. The process also contain functions for reprinting and cancellation of printed checks.
The Manual Supplier Check Payment process is used for manual entry of checks to be sent to suppliers. When you enter a supplier check you can match it with the invoices that are to be covered by the supplier check. When the supplier check is saved a payment is created and a voucher is generated automatically to the hold table in IFS/Accounting Rules. The debt from the invoices is transferred to the open supplier check. The supplier check itself is closed when it is later cashed by the supplier.
The Automatic Supplier Bill of Exchange Payment process is used for automatic supplier bill of exchange payments. You start by generating a payment proposal based on for example payment date interval, currency, supplier to be covered and payment method. You can select specific invoices and include credit invoices and use cash discount. Selection can be made using a number of terms. You can also generate an empty proposal and enter invoices manually. Only authorized invoices can be selected. After the payment proposal has been acknowledged and a payment order created the supplier bills of exchange can be printed. Depending on how base data is set up supplier bills of exchange are considered as cashed at printout or cashed when confirmation about payment implementation has been received from the payment institutes.
The Manual Supplier Bill of Exchange Payment process is used for manual entry of bills of exchange to be sent to suppliers. When you enter a supplier bill of exchange you can match it with the invoices that are to be covered by the supplier bill of exchange. When the supplier bill of exchange is saved a payment is created and a voucher is generated automatically to the hold table in IFS/ Accounting Rules. The debt from the invoices is transferred to the open supplier bill of exchange. The supplier bill of exchange itself is closed when it is later cashed by the supplier.
The External Supplier Payments on File process is used to create supplier payments sent by electronic file from the company's various payment institutes. Each electronic file contains information on debit and credit transactions for a specific account and currency. The external loading is loaded into an existing or new mixed payment. To approve the mixed payment a separate function is used. The approval creates payment and voucher with postings. The standard version of IFS/Payment does not allow the loading of external interface. This logic must therefore be added to the system at the time of each customer installation.
The AP/AR Nettings process is used for netting within the accounts payable and accounts receivable ledgers. Netting is a form of payment in which invoices, payments on account and payments in advance from one customer are offset with invoices, payments on account and payments in advance from one supplier. Netting is allowed only between customer and supplier who are part of the same company. The netting results in two payments, one for customers and one for suppliers. The payments are booked on a cash account created specifically for netting transactions. The process also handles cancellation of already made nettings. All postings related to earlier netting are automatically reversed in connection with the cancellation.
The Follow-up and Analysis, Supplier Payments process includes queries and reports that can be used for information about supplier details and supplier payments. There are also netting and check queries. It is only possible to view information in the query pages. You cannot enter or modify any details. There are also a number of reports that can be printed out through the order report function.
The Supplier Interest Provision process is used to calculate and post the interest provision for supplier invoices. The interest provision for supplier invoice installments that are overdue, for a given period, is calculated by creating a supplier interest provision proposal. Once the supplier interest provision proposal is acknowledged and the supplier interest provision report with the finalized interest provision amounts is printed, a manual voucher should be entered to post the interest provision amount.